Immunic (IMUX) 10-K 23 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36201
Entity Registrant Name	Immunic, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	56-2358443
Entity Address, Address Line One	1200 Avenue of the Americas,
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	New York,
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	332
Local Phone Number	255-9818
Title of 12(b) Security	Common Stock, $0.0001 par value
Trading Symbol	IMUX
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 106.1
Entity Common Stock, Shares Outstanding		44,403,838
Documents Incorporated by Reference	Certain portions of the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Stockholders are incorporated by reference into Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001280776
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Baker Tilly US, LLP
Auditor Location	Minneapolis, MN
Auditor Firm ID	23

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 106,745	$ 86,863
Investments - other	9,629	0
Other current assets and prepaid expenses	9,490	18,125
Total current assets	125,864	104,988
Property and equipment, net	294	152
Goodwill (note 2)	0	32,970
Right of use asset, net	1,552	948
Other long-term assets	43	42
Total assets	127,753	139,100
Current liabilities:
Accounts payable	4,281	3,745
Accrued expenses	7,986	7,071
Other current liabilities	810	585
Total current liabilities	13,077	11,401
Long-term liabilities:
Operating lease liabilities	992	584
Total long-term liabilities	992	584
Total liabilities	14,069	11,985
Commitments and contingencies (note 4)
Stockholders’ equity:
Preferred stock, $0.0001 par value; 20,000,000 authorized and no shares issued or outstanding at December 31, 2022 and 2021	0	0
Common stock, $0.0001 par value; 130,000,000 shares authorized and 39,307,286 and 26,335,418 shares issued and outstanding at December 31, 2022 and 2021, respectively	4	3
Additional paid-in capital	427,925	324,237
Accumulated other comprehensive income (loss)	3,035	(252)
Accumulated deficit	(317,280)	(196,873)
Total stockholders’ equity	113,684	127,115
Total liabilities and stockholders’ equity	$ 127,753	$ 139,100

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	130,000,000	130,000,000
Common stock, shares issued (in shares)	39,307,286	26,335,418
Common stock, shares outstanding (in shares)	39,307,286	26,335,418

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 71,255	$ 61,115
General and administrative	15,263	13,300
Goodwill impairment (see Note 2)	32,970	0
4SC Royalty Settlement (See Note 4)	0	17,250
Total operating expenses	119,488	91,665
Loss from operations	(119,488)	(91,665)
Other income (expense):
Interest income	1,041	66
Other expense, net	(1,960)	(1,346)
Total other expense, net	(919)	(1,280)
Net loss	$ (120,407)	$ (92,945)
Net loss per share, basic (in USD per share)	$ (3.78)	$ (3.93)
Net loss per share, diluted (in USD per share)	$ (3.78)	$ (3.93)
Weighted-average common shares outstanding, basic (in shares)	31,819,006	23,652,779
Weighted-average common shares outstanding, diluted (in shares)	31,819,006	23,652,779

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (120,407)	$ (92,945)
Other comprehensive income:
Foreign currency translation income, net of tax	3,287	3,860
Total comprehensive loss	$ (117,120)	$ (89,085)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	July 2021 Public Equity Offering	At The Market Sales Agreement	4SC Royalty Settlement	October 2022 PIPE Transaction	Common Stock	Common Stock July 2021 Public Equity Offering	Common Stock At The Market Sales Agreement	Common Stock 4SC Royalty Settlement	Common Stock October 2022 PIPE Transaction	Additional Paid-in Capital	Additional Paid-in Capital July 2021 Public Equity Offering	Additional Paid-in Capital At The Market Sales Agreement	Additional Paid-in Capital 4SC Royalty Settlement	Additional Paid-in Capital October 2022 PIPE Transaction	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020						21,168,240
Beginning balance at Dec. 31, 2020	$ 158,785					$ 2					$ 266,823					$ (4,112)	$ (103,928)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(92,945)																(92,945)
Foreign exchange translation adjustment	3,860															3,860
Stock-based compensation	5,949										5,949
Issuance of common stock (in shares)							4,500,000	73,221	581,199
Issuance of common stock		$ 42,020	$ 729	$ 8,625			$ 1					$ 42,019	$ 729	$ 8,625
Shares issued in connection with the Company's employee stock purchase plan (in shares)						12,758
Shares issued in connection with the Company's employee stock purchase plan	$ 92										92
Ending balance (in shares) at Dec. 31, 2021	26,335,418					26,335,418
Ending balance at Dec. 31, 2021	$ 127,115					$ 3					324,237					(252)	(196,873)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(120,407)																(120,407)
Foreign exchange translation adjustment	3,287															3,287
Stock-based compensation	7,929										7,929
Issuance of common stock (in shares)						852		4,204,113		8,696,552
Issuance of common stock	5		$ 39,584		$ 55,989					$ 1	5		$ 39,584		$ 55,988
Shares issued in connection with the Company's employee stock purchase plan (in shares)						70,351
Shares issued in connection with the Company's employee stock purchase plan	$ 182										182
Ending balance (in shares) at Dec. 31, 2022	39,307,286					39,307,286
Ending balance at Dec. 31, 2022	$ 113,684					$ 4					$ 427,925					$ 3,035	$ (317,280)

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
July 2021 Public Equity Offering
Issuance costs		$ 2,980
At The Market Sales Agreement
Issuance costs	$ 1,226	$ 23
October 2022 PIPE Transaction
Issuance costs	$ 4,012

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (120,407)	$ (92,945)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	77	85
Goodwill impairment (see Note 2)	32,970	0
Stock-based compensation	7,929	5,949
Foreign currency loss	4,757	4,332
Common stock issued in connection with the 4SC royalty settlement (see Note 4)	0	8,625
Changes in operating assets and liabilities:
Prepaid expenses and other assets	7,493	(12,800)
Accounts payable	799	176
Other liabilities	(124)	170
Accrued expenses and other current liabilities	1,362	3,175
Net cash used in operating activities	(65,144)	(83,233)
Cash flows from investing activities:
Purchases of Investments-other	(9,629)	0
Purchases of property and equipment	(112)	(67)
Net cash used in investing activities	(9,741)	(67)
Cash flows from financing activities:
Proceeds from the exercise of stock options	5	0
Proceeds from shares issued in connection with the Company's employee stock purchase plan	182	92
Net cash provided by financing activities	95,760	42,841
Effect of exchange rate changes on cash and cash equivalents	(993)	(130)
Net change in cash and cash equivalents	19,882	(40,589)
Cash and cash equivalents, beginning of year	86,863	127,452
Cash and cash equivalents, end of year	106,745	86,863
Supplemental disclosure of noncash investing and financing activities:
Common stock issued in connection with the 4SC royalty settlement (see Note 4)	0	8,625
Operating lease right-of use asset obtained in exchange for lease obligation	974	435
Public Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	39,584	729
October 2022 PIPE Transaction
Cash flows from financing activities:
Proceeds from issuance of common stock	55,989	0
July 2021 Public Equity Offering
Cash flows from financing activities:
Proceeds from issuance of common stock	$ 0	$ 42,020

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Public Offering
Issuance costs	$ 1,226	$ 23
October 2022 PIPE Transaction
Issuance costs	$ 4,012	0
July 2021 Public Equity Offering
Issuance costs		$ 2,980

Description of Business and Bas

Description of Business and Basis of Financial Statements	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Description of Business and Basis of Financial Statements	Description of Business and Basis of Financial Statements Description of Business Immunic, Inc. ("Immunic" or the "Company") is a clinical-stage biopharmaceutical company with a pipeline of selective oral immunology therapies focused on treating chronic inflammatory and autoimmune diseases. The Company is headquartered in New York City with its main operations in Gräfelfing near Munich, Germany. The Company currently has approximately 66 employees. The Company is currently pursuing clinical development of three orally administered, small molecule programs, each of which has unique features intended to directly address the unmet needs of patients with serious chronic inflammatory and autoimmune diseases. These include the vidofludimus calcium (IMU-838) program, which is in Phase 3 clinical development for patients with multiple sclerosis (“MS”); the izumerogant (proposed International Nonproprietary Name (“INN”) for IMU-935) program, which is an inverse agonist of retinoic acid receptor-related orphan nuclear receptor gamma truncated (“RORγt”) that inhibits the interleukin-17 (“IL-17”) pathway in diseases such as psoriasis; and the IMU-856 program, which is targeted to restore intestinal barrier function and regenerate bowel epithelium. The Company’s business, operating results, financial condition and growth prospects are subject to significant risks and uncertainties, including the failure of its clinical trials to meet their endpoints, failure to obtain regulatory approval and needing additional funding to complete the development and commercialization of the Company's three development programs. Liquidity and Financial Condition Immunic has no products approved for commercial sale and has not generated any revenue from product sales. Immunic has never been profitable and has incurred operating losses in each year since inception (2016). Immunic has an accumulated deficit of approximately $317.3 million as of December 31, 2022 and approximately $196.9 million as of December 31, 2021. Substantially all of Immunic’s operating losses resulted from expenses incurred in connection with its research and development programs and from general and administrative costs associated with its operations. Immunic expects to incur significant expenses and increasing operating losses for the foreseeable future as it initiates and continues the development of its product candidates and adds personnel necessary to advance its pipeline of product candidates. Immunic expects that its operating losses will fluctuate significantly from quarter-to-quarter and year-to-year due to timing of development programs. From inception through December 31, 2022, Immunic has raised net cash of approximately $355.5 million from private and public offerings of preferred and common stock. As of December 31, 2022, the Company had cash and cash equivalents of approximately $106.7 million and investments - other of $9.6 million. With these funds the Company expects to be able to fund its operations beyond twelve months from the date of the issuance of the accompanying financial statements. Basis of Presentation and Consolidation

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements. The most significant estimates in the Company’s financial statements and accompanying notes relate to recoverability of goodwill, clinical trial expenses and share-based compensation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions. Foreign Currency Translation and Presentation The Company’s reporting currency is United States (“U.S.”) dollars. Immunic AG is located in Germany with the euro being its functional currency. Immunic Australia Pty Ltd.’s functional currency is the Australian dollar. All amounts in the financial statements where the functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: • assets and liabilities at reporting period-end rates; • income statement accounts at average exchange rates for the reporting period; and • components of equity at historical rates. Gains and losses from translation of the financial statements into U.S. dollars are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as general and administrative expenses in the Consolidated Statements of Operations. Foreign currency transaction gains and losses related to long-term intercompany loans that are payable in the foreseeable future are recorded in Other Income (Expense). The Consolidated Statements of Cash Flows were prepared by using the average exchange rate in effect during the reporting period which reasonably approximates the timing of the cash flows. Cash and Cash Equivalents and Investments- other The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Time Deposits with an original maturity greater than three months are classified as Investments-other Cash and cash equivalents consist of cash on hand and deposits in banks located in the U.S of approximately $85.7 million, Germany of approximately $19.1 million and Australia of approximately $1.9 million. The Company maintains cash and cash equivalent balances denominated in Euro and U.S. dollars with major financial institutions in the U.S. and Germany in excess of the deposit limits insured by the government. Management periodically reviews the credit standing of these financial institutions and believes that the Company is not exposed to any significant credit risk. The Company currently deposits its cash and cash equivalents with two large financial institutions. Our Cash and Cash equivalents in the U.S. is primarily held in a U.S. Government money market fund account and was earning interest at a rate of 4.3%. Our cash and cash equivalents in Germany and Australia were earning interest at a rate of —% to 0.87% Investments - other consists of the following as of (in thousands): December 31, 2022 December 31, 2021 Time Deposits $9,629 $0 $9,629 $0 The time deposit accounts are held in our bank in Germany and are held in Euros and are earning interest at a rate of 0.61% to 0.87% and have a remaining maturity 3-4 months. Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 1 assets consisted of money market funds for the periods presented. The Company had no Level 1 liabilities for the periods presented. Level 2— Inputs other than observable quoted prices for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. The Company had no Level 2 assets or liabilities for the periods presented. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. The Company had no Level 3 assets or liabilities for the periods presented. The carrying value of cash and cash equivalents, other current assets and prepaid expenses, accounts payable, accrued expenses, and other current liabilities approximates fair value due to the short period of time to maturity. Property and Equipment Property and equipment is stated at cost. Depreciation is computed using the straight-line method based on the estimated service lives of the assets which range from three years to thirteen years. Depreciation and amortization expense was $77,000 and $85,000 for the years ended December 31, 2022 and 2021, respectively. Impairment of Long-Lived Assets The Company records impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. Impaired assets are then recorded at their estimated fair value. There were no impairment losses during the years ended December 31, 2022 and 2021 other than goodwill which is described below. Goodwill Business combinations are accounted for under the acquisition method. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, an unfavorable clinical trial result, a significant adverse change in legal or business climate, industry market conditions, an adverse regulatory action, sustained decrease in stock price or unanticipated competition. On October 20, 2022, the Company announced the outcome of a significant interim analysis of its Phase 1b clinical trial of izumerogant in patients with moderate-to-severe psoriasis that were not deemed positive progress. On October 21, 2022, the Company experienced a significant decrease in the Company's market capitalization. The Company considered this to be a triggering event indicating that it is more likely than not that goodwill was impaired. The Company performed an analysis of the fair value compared to the Company's book value, utilizing the Company's traded stock price (a level 1 fair value input). As a result of that analysis, the Company recorded an approximately $33.0 million non-cash goodwill impairment charge in the fourth quarter of 2022, which represents a full write down of its previous goodwill balance. The Company did not have any goodwill impairment during the year ended December 31, 2021. The changes in the carrying amount of goodwill for the years presented are as follows (amounts in thousands): Carrying amount of goodwill at December 31, 2021 $ 32,970 Impairment of goodwill during the year ended December 31, 2022 (32,970) Carrying amount of goodwill at December 31, 2022 $ — Research and Development Expenses These costs primarily include external development expenses and internal personnel expenses for the three development programs, vidofludimus calcium, izumerogant and IMU-856. Immunic has spent the majority of its research and development resources on vidofludimus calcium, the Company's lead development program for clinical trials in RRMS, UC and COVID-19. Research and development expenses consist of expenses incurred in research and development activities, which include clinical trials, contract research services, certain milestone payments, salaries and related employee benefits, allocated facility costs and other outsourced services. Research and development expenses are charged to operations as incurred. The Company enters into agreements with contract research organizations (“CROs”) to provide clinical trial services for individual studies and projects by executing individual work orders governed by a Master Service Arrangement (“MSA”). The MSAs and associated work orders provide for regular recurrent payments and payments upon the completion of certain milestones. The Company regularly assesses the timing of payments against actual costs incurred to ensure a proper accrual of related expenses in the appropriate accounting period. Collaboration Arrangements Certain collaboration and license agreements may include payments to or from the Company of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; payment for manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. The Company assesses whether such contracts are within the scope of Financial Accounting Standards Board (FASB) Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers ” and ASU No. 2018-18, “ Collaborative Arrangements” ("ASU 2018-18"). ASU 2018-18, clarifies that certain elements of collaborative arrangements could qualify as transactions with customers in the scope of ASC 606. In October 2018, the Company entered into an option and license agreement (the "Daiichi Sankyo Agreement") with Daiichi Sankyo Co., Ltd. ("Daiichi Sankyo") which granted the Company the right to license a group of compounds, designated by the Company as IMU-856, as a potential new oral treatment option for gastrointestinal diseases such as celiac disease, inflammatory bowel disease, irritable bowel syndrome with diarrhea and other barrier function associated diseases. During the option period, the Company performed agreed upon research and development activities for which it was reimbursed by Daiichi Sankyo up to a maximum agreed-upon limit. Such reimbursement was recorded as other income. There are no additional research and development reimbursements expected under this agreement. On January 5, 2020, the Company exercised its option to obtain the exclusive worldwide right to commercialization of IMU-856. Among other things, the option exercise grants Immunic AG the rights to Daiichi Sankyo’s patent application related to IMU-856, for which the Company received a notice of allowance from the US Patent & Trademark Office in August 2022. In connection with the option exercise, the Company paid a one-time upfront licensing fee to Daiichi Sankyo. Under the Daiichi Sankyo Agreement, Daiichi Sankyo is also eligible to receive future development, regulatory and sales milestone payments, as well as royalties related to IMU-856. Government assistance Government assistance relating to research and development performed by Immunic Australia is recorded as a component of other (income) expense. Government assistance is recognized at a rate of 43.5% of the qualified research and development expenditures which are incurred. We recognized $2.3 million and $1.7 million of other income General and Administrative Expenses General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, business development and other support functions. Other general and administrative expenses include, but are not limited to, stock-based compensation, insurance costs, professional fees for legal, accounting and tax services, consulting, related facility costs and travel. Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for equity awards based on the grant-date fair value of the award recognized generally as an expense (i) on a straight-line basis over the requisite service period for those awards whose vesting is based upon a service condition, and (ii) on an accelerated method for awards whose vesting is based upon a performance condition, but only to the extent it is probable that the performance condition will be met. Stock-based compensation is (i) estimated at the date of grant based on the award’s fair value for equity classified awards and (ii) final measurement date for liability classified awards. Forfeitures are recorded in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes-Merton option-pricing model ("BSM"), which requires the use of estimates and subjective assumptions, including the risk-free interest rate, the fair value of the underlying common stock, the expected dividend yield of the Company’s common stock, the expected volatility of the price of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the application of management’s judgment. If factors change and different assumptions are used, the Company’s stock-based compensation expense could be materially different in the future. Leases The Company leases office space and office equipment. The underlying lease agreements have lease terms of less than 12 months and up to 60 months. Leases with terms of 12 months or less at inception are not included in the operating lease right of use asset and operating lease liability. The Company has two existing leases for office space. At inception of a lease agreement, the Company determines whether an agreement represents a lease and at commencement each lease agreement is assessed as to classification as an operating or financing lease. The Company's two leases have been classified as operating leases and an operating lease right-of-use asset and an operating lease liability have been recorded on the Company’s balance sheet. A right-of-use lease asset represents the Company’s right to use the underlying asset for the lease term and the lease obligation represents its commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company has used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term used in estimating future lease payments may include options to extend when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or changes in expectations regarding the lease term. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income (loss) has been reflected as a separate component of stockholders’ equity in the accompanying Consolidated Balance Sheets and consists of foreign currency translation adjustments (net of tax). Income Taxes The Company is subject to corporate income tax laws and regulations in the U.S., Germany and Australia. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment in their application. The Company utilizes the asset and liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the audited consolidated financial statements. Deferred income tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or the entire deferred tax asset will not be realized. As of December 31, 2022 and 2021, the Company maintained a full valuation allowance against the balance of deferred tax assets. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company is subject to U.S. federal, New York, California, Texas, German and Australian income taxes. The Company is subject to U.S. federal or state income tax examination by tax authorities for tax returns filed for the years 2003 and forward due to the carryforward of NOLs. Tax years 2016 through 2021 are subject to audit by German and Australian tax authorities. The Company is not currently under examination by any tax jurisdictions. Warrants The Company accounts for issued warrants either as a liability or equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”) or ASC 815-40, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company’s Own Stock (“ASC 815-40”). Under ASC 480-10, warrants are considered a liability if they are mandatorily redeemable and they require settlement in cash, other assets, or a variable number of shares. If warrants do not meet liability classification under ASC 480-10, the Company considers the requirements of ASC 815-40 to determine whether the warrants should be classified as a liability or as equity. Under ASC 815-40, contracts that may require settlement for cash are liabilities, regardless of the probability of the occurrence of the triggering event. Liability-classified warrants are measured at fair value on the issuance date and at the end of each reporting period. Any change in the fair value of the warrants after the issuance date is recorded in the consolidated statements of operations as a gain or loss. If warrants do not require liability classification under ASC 815-40, in order to conclude warrants should be classified as equity, the Company assesses whether the warrants are indexed to its common stock and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP standard. Equity-classified warrants are accounted for at fair value on the issuance date with no changes in fair value recognized after the issuance date. Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of common shares and, if dilutive, common stock equivalents outstanding for the period determined using the treasury-stock method. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position Potentially dilutive securities, not included in the calculation of diluted net loss per share attributable to common stockholders because to do so would be anti-dilutive, are as follows: As of December 31, 2022 2021 Options to purchase common stock 3,791,688 2,157,460 Prefunded stock warrants 5,096,552 — 8,888,240 2,157,460 Recently Adopted Accounting Standards There are no recently issued accounting standards that would have a significant impact on the Company's consolidated financial statements.

Balance Sheet Details

Balance Sheet Details	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Details	Balance Sheet Details Prepaid Expenses and Other Current Assets Prepaid Expense and Other Current Assets consist of (in thousands): December 31, 2022 2021 Prepaid clinical and related costs $ 5,608 $ 14,853 VAT receivable 296 279 Australian research and development tax incentive 2,361 1,871 Other 1,225 1,122 Total $ 9,490 $ 18,125 Accounts Payable Accounts Payable consist of (in thousands): December 31, 2022 2021 Clinical and related costs $ 3,749 $ 3,427 Legal and audit costs 288 72 Other 244 246 Total $ 4,281 $ 3,745 Accrued Expenses Accrued Expenses consist of (in thousands): December 31, 2022 2021 Accrued clinical and related costs $ 6,807 $ 6,214 Accrued legal and audit costs 169 96 Accrued compensation 890 674 Accrued other 120 87 Total $ 7,986 $ 7,071 Other Current Liabilities Other Current Liabilities consist of (in thousands): December 31, 2022 2021 Lease liabilities $ 571 $ 408 Other 239 177 Total $ 810 $ 585

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Lease The Company leases certain office space under non-cancelable operating leases. The leases terminate on July 31, 2025 for the New York City office and June 30, 2025 for the Gräfelfing, Germany office. The Company formerly leased office space in Planegg-Martinsried, Germany pursuant to a modified lease that terminated on August 31, 2020. These leases include both lease (e.g., fixed rent) and non-lease components (e.g., common-area and other maintenance costs). The non-lease components are deemed to be executory costs and are therefore excluded from the minimum lease payments used to determine the present value of the operating lease obligation and related right-of-use asset. The New York City lease was extended on December 22, 2022 for an additional 27 months resulting in the new lease termination date of July 31, 2025. The New York City lease has a renewal option, but this was not included in calculating the right of use asset and liabilities. On April 7, 2020, the Company signed a five year lease for its facility in Gräfelfing, Germany. On March 1, 2021 and August 1, 2022 the Company added additional lease space at the Gräfelfing, Germany office. Renewal options were not included in calculating the right of use asset and liabilities for this facility. The leases do not have concessions, leasehold improvement incentives or other build-out clauses. Further, the leases do not contain contingent rent provisions. The New York City lease had a six month rent holiday at the beginning of the lease as well as a three month rent holiday upon the 27 month extension starting May 2023. There were net additions to right of use assets of $435,000 and $642,000 as a result of signing for additional lease space at the Gräfelfing, Germany office in March 2021 and August 2022, respectively. There were net additions to right of use assets of $332,000 as a result of extending the New York City lease in December 2022. The leases do not provide an implicit rate and, due to the lack of a commercially salable product, the Company is generally considered unable to obtain commercial credit. Therefore, the Company estimated its incremental interest rate to be 6% for the original leases and 8% for the New York City extension, considering the quoted rates for the lowest investment-grade debt and the interest rates implicit in recent financing leases. Immunic used its estimated incremental borrowing rate and other information available at the lease commencement date in determining the present value of the lease payments. Immunic’s operating lease costs and variable lease costs were $727,000 and $503,000 for the years ended December 31, 2022 and 2021, respectively. Variable lease costs consist primarily of common area maintenance costs, insurance and taxes which are paid based upon actual costs incurred by the lessor. Maturities of the operating lease obligation are as follows as of December 31, 2022 (in thousands): 2023 $ 647 2024 $ 680 2025 $ 355 2026 $ — 2027 $ — Thereafter $ — Total lease payments $ 1,682 Less: interest portion $ 147 Present value of lease obligation $ 1,535 Contractual Obligations As of December 31, 2022, the Company has non-cancelable contractual obligations under certain agreements related to its development programs in vidofludimus calcium, izumerogant and IMU-856 totaling approximately $4.5 million, all of which is expected to be paid in 2023. Other Commitments and Obligations In May 2016, the Company entered into a purchase agreement (the “Agreement”) with 4SC AG, whereby the Company acquired certain assets, including the rights to patents and patent applications, trademarks and know-how. This transaction has been accounted for as an asset acquisition under Accounting Standards Update 2017-01 - Business Combinations (Topic 805): Clarifying the Definition of a Business. The Agreement included payments (Tranches III and IV) that were contingent upon the occurrence of certain events and required the Company to pay royalties equal to 4.4% of the aggregated net sales for a certain period as defined in the Agreement (Tranche III) upon commercialization of the acquired assets. Effective April 12, 2019, the parties agreed to settle Tranche IV by issuing 120,070 shares of the Company’s common stock, immediately following the Transaction, to 4SC AG while keeping Tranche III in effect. Approximately $1.5 million of expense was recorded as a result of the issuance of these shares on April 12, 2019. On March 31, 2021, Immunic AG, a wholly-owned subsidiary of the Company, and 4SC AG entered into a Settlement Agreement, pursuant to which Immunic AG settled its remaining obligation of the 4.4% royalty on net sales for $17.25 million (Tranche III of the Agreement). The payment was made 50% in cash and 50% in shares of Immunic’s common stock (the “Shares”). Pursuant to the Agreement, the Company filed a resale shelf registration statement on Form S-3 covering the resale of the Shares. With the execution of the Agreement, no further payment obligations remain between Immunic AG and 4SC AG. Legal Proceedings The Company is not currently a party to any litigation, nor is it aware of any pending or threatened litigation, that it believes would materially affect its business, operating results, financial condition or cash flows. However, its industry is characterized by frequent claims and litigation including securities litigation, claims regarding patent and other intellectual property rights and claims for product liability. As a result, in the future, the Company may be involved in various legal proceedings from time to time.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value	Fair Value The following fair value hierarchy table present information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurement at December 31, 2022 Fair Value Level 1 Level 2 Level 3 Assets Money market funds 85,521 85,521 — — Total assets at fair value $ 85,521 $ 85,521 $ — $ — Fair Value Measurement at December 31, 2021 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 31,630 $ 31,630 $ — $ — Total assets at fair value $ 31,630 $ 31,630 $ — $ — There were no transfers between Level 1, Level 2 or Level 3 assets during the periods presented. For the Company’s money market funds which are included as a component of cash and cash equivalents on the consolidated balance sheet, realized gains and losses are included in interest income (expense) on the consolidated statements of operations. Our money market fund account is held in our bank in the U.S. and was earning interest at a rate of 4.3% in a U.S. Government money market fund. The Company has cash balances in banks in excess of the maximum amount insured by the FDIC and other international agencies as of December 31, 2022. The Company has not historically experienced any credit losses with balances in excess of FDIC limits. The carrying amounts of other current assets and prepaid expenses, accounts payable, accrued expenses, and other current liabilities approximate their fair values due to their short-term nature. The fair value and book value of the money market funds presented in the table above are the same. For the assessment of the fair value of goodwill and the related impairment of goodwill we used a level one assessment in our testing of goodwill. See Note 2, Summary of significant accounting policies "Goodwill".

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Common Stock	Common StockShelf Registration Statements In November 2020, Immunic filed a shelf registration statement on Form S-3. The 2020 Shelf Registration Statement permits the offering, issuance and sale of up to $250.0 million of common stock, preferred stock, warrants, debt securities, and/or units in one or more offerings and in any combination of the foregoing. As of February 17, 2023, there is $75.0 million remaining on this shelf registration statement In December 2020, the Company filed a Prospectus Supplement for the offering, issuance and sale of up to a maximum aggregate offering price of $50.0 million of common stock that may be issued and sold under an at-the-market sales agreement ("December 2020 ATM") with SVB Leerink as agent. The Company has used, and intends to continue to use the net proceeds from the offering to continue to fund the ongoing clinical development of its product candidates and for other general corporate purposes, including funding existing and potential new clinical programs and product candidates. The December 2020 ATM will terminate upon the earlier of (i) the issuance and sale of all of the shares through SVB Leerink on the terms and subject to the conditions set forth in the December 2020 ATM or (ii) termination of the December 2020 ATM as otherwise permitted thereby. The December 2020 ATM may be terminated at any time by either party upon ten days’ prior notice, or by SVB Leerink at any time in certain circumstances, including the occurrence of a material adverse effect on the Company. As of February 17, 2023, $8.4 million in capacity remains under the December 2020 ATM. In May 2022, the Company filed a Prospectus Supplement for the offering, issuance and sale of up to a maximum aggregate offering price of $80.0 million of common stock that may be issued and sold under another at-the-market sales agreement ("May 2022 ATM") with SVB Leerink as agent. The Company intends to use the net proceeds from the offering to continue to fund the ongoing clinical development of its product candidates and for other general corporate purposes, including funding existing and potential new clinical programs and product candidates. The May 2022 ATM will terminate upon the earlier of (i) the issuance and sale of all of the shares through SVB Leerink on the terms and subject to the conditions set forth in the May 2022 ATM or (ii) termination of the May 2022 ATM as otherwise permitted thereby. The May 2022 ATM may be terminated at any time by either party upon ten days’ prior notice, or by SVB Leerink at any time in certain circumstances, including the occurrence of a material adverse effect on the Company. As of February 17, 2023, $80.0 million in capacity remains under the May 2022 ATM. The Company has agreed to pay SVB Leerink a commission equal to 3.0% of the gross proceeds from the sales of common shares pursuant to both ATM's and has agreed to provide SVB Leerink with customary indemnification and contribution rights. For the year ended December 31, 2022, the Company raised gross proceeds of $40.9 million pursuant to the December 2020 ATM through the sale of 4,204,113 shares of common stock at a weighted average price of $9.72 per share. The net proceeds from the December 2020 ATM were $39.6 million after deducting underwriter commissions of $1.2 million. For the year ended December 31, 2021, the Company raised gross proceeds of $0.8 million pursuant to the December 2020 ATM through the sale of 73,221 shares of common stock at a weighted average price of $10.27 per share. The net proceeds from the December 2020 ATM were $0.7 million after deducting underwriter commissions of $22,555. Equity Offerings $60 Million Private Placement Equity Financing On October 10, 2022, Immunic entered into a Securities Purchase Agreement (the “Purchase Agreement”) for a private placement (the “Private Placement”) with select accredited investors and certain existing investors (each, a “Purchaser” and collectively, the “Purchasers”). Pursuant to the Purchase Agreement, the Company agreed to sell to the Purchasers (i) 8,696,552 shares of the Company’s common stock, par value $0.0001 per share (the “Shares”), at a purchase price of $4.35 per Share, and (ii) 5,096,552 pre-funded warrants (the “Pre-Funded Warrants”) to purchase Common Stock (the “Warrant Shares” and together with the Shares and the Pre-Funded Warrants, the “Securities”), at a purchase price of $4.34 per Pre-Funded Warrant. The Pre-Funded Warrants have an exercise price of $0.01 per share of Common Stock, be immediately exercisable and remain exercisable until exercised in full. The holders of Pre-Funded Warrants may not exercise a Pre-Funded Warrant if the holder, together with its affiliates, would beneficially own more than 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. The holders of Pre-Funded Warrants may increase or decrease such percentages not in excess of 19.99% by providing at least 61 days’ prior notice to the Company. The Pre-Funded Warrants are classified as a component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Pre-Funded Warrants do not provide any guarantee of value or return. All of the pre-funded warrants were exercised in January of 2023. The Private Placement closed on October 12, 2022. The gross proceeds of the Private Placement were approximately $60.0 million, before deducting offering expenses payable by the Company of approximately $4.0 million. The Company intends to use the net proceeds from the Private Placement to fund the ongoing clinical development of its three lead product candidates, vidofludimus calcium (IMU-838), izumerogant (IMU-935) and IMU-856, and for other general corporate purposes. The registration statement for these securities was deemed effective by Securities and Exchange Commission on December 20, 2022. July 2021 Public Equity Offering On July 15, 2021, the Company entered into an underwriting agreement with Piper Sandler & Co., in connection with the Company’s public offering of 4,500,000 shares of the Company’s common stock, $0.0001 par value per share, at a public offering price of $10.00 per share. On July 19, 2021, the Company closed the Offering. The net proceeds to the Company from the Offering was approximately $42.0 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. Common Stock As of December 31, 2022, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 130,000,000 shares of common stock, par value of $0.0001. The voting, dividend and liquidation rights of the holders of the Company’s common stock are subject to and qualified by the rights, powers and preferences of any holders of preferred stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any. Through December 31, 2022, no cash dividends had been declared or paid. Preferred Stock The Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue 20,000,000 shares of $0.0001 par value preferred stock, rights and preferences to be set by the board of directors. No preferred shares were outstanding as of December 31, 2022. Stock Reserved for Future Issuance Shares reserved for future issuance as of December 31, 2022 are as follows: Number of Common stock reserved for issuance for: 2021 Employee stock purchase plan 116,891 Prefunded stock warrants 5,096,552 Outstanding stock options 3,791,688 Common stock options available for future grant: 2014 Equity Incentive Plan 43,311 2017 Inducement Equity Incentive Plan 46,250 2019 Omnibus Equity Incentive Plan 188,655 Total common shares reserved for future issuance 9,283,347

Stock-based Compensation Plans

Stock-based Compensation Plans	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation Plans	Stock-based Compensation Plans 2021 Employee Stock Purchase Plan On April 25, 2021, the Company adopted the 2021 Employee Stock Purchase Plan ("ESPP"), which was approved by stockholder vote at the 2021 Annual Meeting of Stockholders held on June 10, 2021. The ESPP provides eligible employees of the Company with an opportunity to purchase common stock of the Company through accumulated payroll deductions, which are included in other current liabilities until they are used to purchase Company shares. Eligible employees participating in the bi-annual offering period can choose to have up to the lesser of 15% of their annual base earnings or the IRS annual share purchase limit of $25,000 in aggregate market value to purchase shares of the Company’s common stock. The purchase price of the stock is the lesser of (i) 85% of the closing market price on the date of purchase and (ii) the closing market price at the beginning of the bi-annual offering period. The maximum number of shares reserved for delivery under the plan is 200,000 shares. The Company has issued 70,351 and 12,758 shares under the ESPP for the twelve months ended December 31, 2022 and 2021, respectively. The Company recognized $96,000 and $46,000 of expense related to the plan in the twelve months ended December 31, 2022 and 2021, respectively. Stock Option Programs In July 2019, the Company’s stockholders approved the 2019 Omnibus Equity Incentive Plan (the “2019 Plan”) which was adopted by the Board with an effective date of June 14, 2019. The 2019 Plan allows for the grant of equity awards to employees, consultants and non-employee directors. An initial maximum of 1,500,000 shares of the Company’s common stock were available for grant under the 2019 Plan. The 2019 Plan includes an evergreen provision that allows for the annual addition of up to 4% of the Company’s fully-diluted outstanding stock, with a maximum allowable increase of 4,900,000 shares over the term of the 2019 Plan. In accordance with this provision, the shares available for grant were increased in 2020 through 2023 by a total of 4,408,871 shares. The 2019 Plan is currently administered by the Board, or, at the discretion of the Board, by a committee of the Board, which determines the exercise prices, vesting schedules and other restrictions of awards under the 2019 Plan at its discretion. Options to purchase stock may not have an exercise price that is less than the fair market value of underlying shares on the date of grant, and may not have a term greater than ten years. Incentive stock options granted to employees typically vest over four years. Non-statutory options granted to employees, officers, members of the Board, advisors, and consultants of the Company typically vest over three Shares that are expired, terminated, surrendered or canceled under the 2019 Plan without having been fully exercised will be available for future awards. Movements during the year The following table summarizes stock option activity for the twelve months ended December 31, 2022 and 2021 under the 2019 Plan: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 2,157,460 $ 13.54 Granted 1,886,263 $ 8.73 Exercised (852) $ 5.67 Forfeited or expired (251,183) $ 10.79 Outstanding as of December 31, 2022 3,791,688 $ 11.33 8.35 $ 375 Options vested and expected to vest as of December 31, 2022 3,791,688 $ 11.33 8.35 $ 375 Options exercisable as of December 31, 2022 1,398,490 $ 13.33 7.50 $ — Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2021 1,117,160 $ 12.96 Granted 1,193,809 $ 14.08 Exercised — $ — Forfeited or expired (153,509) $ 13.50 Outstanding as of December 31, 2021 2,157,460 $ 13.54 8.74 $ 302,155 Options vested and expected to vest as of December 31, 2021 2,157,460 $ 13.54 8.74 $ 302,155 Options exercisable as of December 31, 2021 752,954 $ 13.48 8.15 $ 79,431 Measurement The weighted-average assumptions used in the BSM option pricing model to determine the fair value of the employee and non-employee stock option grants relating to the 2019 Plan were as follows: Risk-Free Interest Rate The risk-free rate assumption is based on U.S. Treasury instruments with maturities similar to the expected term of the stock options. Expected Dividend Yield The Company has not issued any dividends and does not expect to issue dividends over the life of the options. As a result, the Company has estimated the dividend yield to be zero. Expected Volatility Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company estimates expected volatility based on the historical volatility of its own stock combined with a group of comparable companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Expected Term The expected term of options is estimated considering the vesting period at the grant date, the life of the option and the average length of time similar grants have remained outstanding in the past. The weighted-average grant date fair value of stock options granted under the 2019 Plan during the years ended December 31, 2022 and 2021 was $6.81 and $10.52, respectively. The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan: 2022 2021 Risk-free interest rate 2.09% 0.93% Expected dividend yield 0% 0% Expected volatility 97.8% 93.0% Expected term of options (years) 6.0 6.0 Stock-Based Compensation Expense Total stock-based compensation expense for all stock awards recognized in the accompanying audited consolidated statements of operations is as follows (in thousands): Year 2022 2021 Research and development $ 3,219 $ 1,760 General and administrative 4,710 4,189 Total $ 7,929 $ 5,949 As of December 31, 2022 there was $15.6 million in total unrecognized compensation expense relating to the 2019 Plan to be recognized over a weighted average period of 2.74 years. Summary of Equity Incentive Plans Assumed from Vital Upon completion of the Transaction with Vital Therapies ("Vital") on April 12, 2019, Vital’s 2012 Stock Option Plan (the “2012 Plan”), Vital’s 2014 Equity Incentive Plan (the “2014 Plan”) and Vital’s 2017 Inducement Equity Incentive Plan (the “Inducement Plan”), were assumed by the Company. All awards granted under these plans have either been forfeited or expired. There remain 43,311 shares available for grant under the 2014 Plan as of December 31, 2022. In September 2017, Vital’s Board of Directors approved the Inducement Plan, which was amended and restated in November 2017. Under the Inducement Plan 46,250 shares of Vital’s common stock were reserved to be used exclusively for non-qualified grants to individuals who were not previously employees or directors as an inducement material to a grantee's entry into employment within the meaning of Rule 5635(c)(4) of the Nasdaq Listing Rules. No expense was recorded for the plans assumed from Vital during the twelve months ended December 31, 2022 and 2021, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Net loss before income tax was subject to tax in the following jurisdictions for the following periods (in thousands): Years Ended December 31, 2022 2021 United States $ (47,049) $ (11,222) Germany (67,448) (78,869) Foreign (5,911) (2,854) $ (120,408) $ (92,945) The rate reconciliation consists of the following: Years Ended December 31, 2022 2021 Federal statutory rate 21.0 % 21.0 % Foreign rate differential 2.2 % 3.2 % Stock options (1.1) % (0.9) % Tax effect of rate change 0.0 % 0.0 % Goodwill impairment (5.7) % 0.0 % Other (0.7) % (0.4) % Change in valuation allowance (15.7) % (22.9) % Effective tax rate 0.0 % 0.0 % Deferred income taxes result from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in years in which those temporary differences are expected to be recovered or settled. As tax laws and rates change, deferred tax assets and liabilities are adjusted through income tax expense. There is no current or deferred income tax expense in the years ended December 31, 2022 and 2021, respectively. Significant components of the Company's net deferred tax assets are shown below. A valuation allowance has been established as realization of such net deferred tax assets has not met the more likely-than-not threshold requirement. If the Company's judgment changes and it is determined that the Company will be able to realize these net deferred tax assets, the tax benefits relating to any reversal of the valuation allowance on the net deferred tax assets will be accounted for as a reduction to income tax expense. December 31, 2022 2021 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 19,830 $ 18,437 Stock-based compensation 742 576 Intangible Assets 2,923 3,848 Foreign net operating loss carryforwards 47,179 34,819 Unrealized gain or loss 1,686 1,130 Other, net 693 9 Total deferred tax assets 73,053 58,819 Deferred tax liabilities: Property, plant and equipment — (2) Total deferred tax liability — (2) Net deferred tax assets 73,053 58,817 Less valuation allowance (73,053) (58,817) $ — $ — The Company has incurred net operating losses each year since inception due to its history as a development stage company with no realized revenues from its planned principal operations. These cumulative operating losses provide significant negative evidence in the determination of whether or not the Company will be able to realize deferred tax assets such as net operating losses and other favorable temporary differences. There can be no assurance that it will ever generate taxable income. As a result, the Company has maintained a full valuation allowance against the entire balance of its net deferred tax assets since the date of inception. The valuation allowance has increased by $14.2 million and $22.3 million and for the years ended December 31, 2021 and 20, respectively. As of December 31, 2022, Immunic had available NOLs of approximately $190.2 million in Germany and Australia. These NOLs do not expire. The U.S. federal NOL carryforwards of $15.6 million were generated prior to 2018 and expire over 20 years beginning in 2023. The $78.9 million of post 2017 federal NOL carryforwards do not expire. Sections 382 of the Internal Revenue Code of 1986 subject the future utilization of net operating losses, to an annual limitation in the event of certain ownership changes, as defined. The Company may have undergone ownership changes and therefore may be limited in the amount of net operating losses available for utilization in the future. The Company did not have any uncertain tax positions for the years ended December 31, 2022 and 2021, respectively. Due to the full valuation allowance that the Company has on its net deferred tax asset balance, there are no uncertain tax positions that would impact the effective tax rate if recognized. The Company is subject to U.S. federal, New York, California, Texas, German and Australian income taxes. The Company is subject to U.S. federal or state income tax examination by tax authorities for tax returns filed for the years 2003 and forward due to the carryforward of NOLs. Tax years 2018 through 2021 are subject to audit by German and Australian tax authorities. The Company is not currently under examination by any tax jurisdictions.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Executive Chairman Agreement with Duane Nash On April 15, 2020, the compensation committee of the Board of Directors of the Company independently reviewed and approved entering into an employment agreement with the Executive Chairman of the Board, Duane Nash, MD, JD, MBA (the “Executive Chairman Agreement”) and pursuant to such approval, on April 17, 2020, the Company and Dr. Nash entered into the Executive Chairman Agreement. The Executive Chairman Agreement establishes an “at will” employment relationship with a base salary of $25,417 per month pursuant to which Dr. Nash serves as Executive Chairman and contemplated a term that ends on October 15, 2020. On October 15, 2020, the Company and Dr. Nash entered into an addendum (the “First Addendum”) to extend the term of the Executive Chairman Agreement to April 15, 2021. In connection with the First Addendum, the Company made a one-time award to Dr. Nash of an option to purchase 120,000 shares of Company common stock, which vests monthly over six months commencing on November 15, 2020. On April 15, 2021, the Company and Dr. Nash entered into Addendum No. Two (the “Second Addendum”) to extend the term of the Executive Chairman Agreement to April 15, 2022. In connection with the Second Addendum, the Company made a one-time award to Dr. Nash of an option to purchase 90,000 shares of Company common stock, which vests monthly over 12 months commencing on May 15, 2021, and to increase Dr. Nash’s monthly base salary to $27,960 from $25,417. On March 15, 2022, the Company and Dr. Nash entered into Addendum No. Three (the “Third Addendum”), which extended the term of employment from April 15, 2022 to December 31, 2022 with a base salary of $29,358 per month. In connection with the Third Addendum, the Company made a one-time award to Dr. Nash of an option to purchase 75,000 shares of the Company’s common stock, which vests monthly over 12 months commencing on April 10, 2022. On December 28, 2022, the Company and Dr. Nash entered into Addendum No. Four, which extended the term of employment from December 31, 2022 to December 31, 2023 with a base salary of $30,250 per month (which includes the cash retainer payable for serving on the Company’s Board or for acting as the Chairman of the Board). All other terms of the Executive Chairman Agreement remain the same.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements. The most significant estimates in the Company’s financial statements and accompanying notes relate to recoverability of goodwill, clinical trial expenses and share-based compensation. Management believes its estimates to be reasonable under the circumstances. Actual results could differ materially from those estimates and assumptions.
Foreign Currency Translation and Presentation	Foreign Currency Translation and Presentation The Company’s reporting currency is United States (“U.S.”) dollars. Immunic AG is located in Germany with the euro being its functional currency. Immunic Australia Pty Ltd.’s functional currency is the Australian dollar. All amounts in the financial statements where the functional currency is not the U.S. dollar are translated into U.S. dollar equivalents at exchange rates as follows: • assets and liabilities at reporting period-end rates; • income statement accounts at average exchange rates for the reporting period; and • components of equity at historical rates. Gains and losses from translation of the financial statements into U.S. dollars are recorded in stockholders’ equity as a component of accumulated other comprehensive income (loss). Realized and unrealized gains and losses resulting from foreign currency transactions denominated in currencies other than the functional currency are reflected as general and administrative expenses in the Consolidated Statements of Operations. Foreign currency transaction gains and losses related to long-term intercompany loans that are payable in the foreseeable future are recorded in Other Income (Expense). The Consolidated Statements of Cash Flows were prepared by using the average exchange rate in effect during the reporting period which reasonably approximates the timing of the cash flows.
Cash And Cash Equivalents And Other Investments	Cash and Cash Equivalents and Investments- other The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Time Deposits with an original maturity greater than three months are classified as Investments-other Cash and cash equivalents consist of cash on hand and deposits in banks located in the U.S of approximately $85.7 million, Germany of approximately $19.1 million and Australia of approximately $1.9 million. The Company maintains cash and cash equivalent balances denominated in Euro and U.S. dollars with major financial institutions in the U.S. and Germany in excess of the deposit limits insured by the government. Management periodically reviews the credit standing of these financial institutions and believes that the Company is not exposed to any significant credit risk. The Company currently deposits its cash and cash equivalents with two large financial institutions. Our Cash and Cash equivalents in the U.S. is primarily held in a U.S. Government money market fund account and was earning interest at a rate of 4.3%. Our cash and cash equivalents in Germany and Australia were earning interest at a rate of —% to 0.87% Investments - other consists of the following as of (in thousands): December 31, 2022 December 31, 2021 Time Deposits $9,629 $0 $9,629 $0 The time deposit accounts are held in our bank in Germany and are held in Euros and are earning interest at a rate of 0.61% to 0.87% and have a remaining maturity 3-4 months.
Fair Value Measurement	Fair Value Measurement Fair value is defined as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants on the measurement date. Accounting guidance establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1—Quoted prices in active markets for identical assets or liabilities. Level 1 assets consisted of money market funds for the periods presented. The Company had no Level 1 liabilities for the periods presented. Level 2— Inputs other than observable quoted prices for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. The Company had no Level 2 assets or liabilities for the periods presented. Level 3—Unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. The Company had no Level 3 assets or liabilities for the periods presented. The carrying value of cash and cash equivalents, other current assets and prepaid expenses, accounts payable, accrued expenses, and other current liabilities approximates fair value due to the short period of time to maturity.
Property and Equipment	Property and EquipmentProperty and equipment is stated at cost. Depreciation is computed using the straight-line method based on the estimated service lives of the assets which range from three years to thirteen years.
Impairment of Long-lived Assets	Impairment of Long-Lived AssetsThe Company records impairment losses on long-lived assets used in operations when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. Impaired assets are then recorded at their estimated fair value.
Goodwill	Goodwill Business combinations are accounted for under the acquisition method. The total purchase price of an acquisition is allocated to the underlying identifiable net assets, based on their respective estimated fair values as of the acquisition date. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, probabilities of success, discount rates, and asset lives, among other items. Assets acquired and liabilities assumed are recorded at their estimated fair values. The excess of the purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Goodwill is tested for impairment at the reporting unit level annually in the fourth quarter, or more frequently when events or changes in circumstances indicate that the asset might be impaired. Examples of such events or circumstances include, but are not limited to, an unfavorable clinical trial result, a significant adverse change in legal or business climate, industry market conditions, an adverse regulatory action, sustained decrease in stock price or unanticipated competition.
Research and Development Expenses	Research and Development Expenses These costs primarily include external development expenses and internal personnel expenses for the three development programs, vidofludimus calcium, izumerogant and IMU-856. Immunic has spent the majority of its research and development resources on vidofludimus calcium, the Company's lead development program for clinical trials in RRMS, UC and COVID-19. Research and development expenses consist of expenses incurred in research and development activities, which include clinical trials, contract research services, certain milestone payments, salaries and related employee benefits, allocated facility costs and other outsourced services. Research and development expenses are charged to operations as incurred.
Collaborative Arrangements	Collaboration Arrangements Certain collaboration and license agreements may include payments to or from the Company of one or more of the following: non-refundable or partially refundable upfront or license fees; development, regulatory and commercial milestone payments; payment for manufacturing supply services; partial or complete reimbursement of research and development costs; and royalties on net sales of licensed products. The Company assesses whether such contracts are within the scope of Financial Accounting Standards Board (FASB) Accounting Standards Update (“ASU”) 2014-09 “ Revenue from Contracts with Customers ” and ASU No. 2018-18, “ Collaborative Arrangements” ("ASU 2018-18"). ASU 2018-18, clarifies that certain elements of collaborative arrangements could qualify as transactions with customers in the scope of ASC 606. In October 2018, the Company entered into an option and license agreement (the "Daiichi Sankyo Agreement") with Daiichi Sankyo Co., Ltd. ("Daiichi Sankyo") which granted the Company the right to license a group of compounds, designated by the Company as IMU-856, as a potential new oral treatment option for gastrointestinal diseases such as celiac disease, inflammatory bowel disease, irritable bowel syndrome with diarrhea and other barrier function associated diseases. During the option period, the Company performed agreed upon research and development activities for which it was reimbursed by Daiichi Sankyo up to a maximum agreed-upon limit. Such reimbursement was recorded as other income. There are no additional research and development reimbursements expected under this agreement. On January 5, 2020, the Company exercised its option to obtain the exclusive worldwide right to commercialization of IMU-856. Among other things, the option exercise grants Immunic AG the rights to Daiichi Sankyo’s patent application related to IMU-856, for which the Company received a notice of allowance from the US Patent & Trademark Office in August 2022. In connection with the option exercise, the Company paid a one-time upfront licensing fee to Daiichi Sankyo. Under the Daiichi Sankyo Agreement, Daiichi Sankyo is also eligible to receive future development, regulatory and sales milestone payments, as well as royalties related to IMU-856.
Government assistance	Government assistance Government assistance relating to research and development performed by Immunic Australia is recorded as a component of other (income) expense. Government assistance is recognized at a rate of 43.5% of the qualified research and development expenditures which are incurred. We recognized $2.3 million and $1.7 million of other income
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, business development and other support functions. Other general and administrative expenses include, but are not limited to, stock-based compensation, insurance costs, professional fees for legal, accounting and tax services, consulting, related facility costs and travel.
Stock-based Compensation	Stock-Based Compensation The Company measures the cost of employee and non-employee services received in exchange for equity awards based on the grant-date fair value of the award recognized generally as an expense (i) on a straight-line basis over the requisite service period for those awards whose vesting is based upon a service condition, and (ii) on an accelerated method for awards whose vesting is based upon a performance condition, but only to the extent it is probable that the performance condition will be met. Stock-based compensation is (i) estimated at the date of grant based on the award’s fair value for equity classified awards and (ii) final measurement date for liability classified awards. Forfeitures are recorded in the period in which they occur. The Company estimates the fair value of stock options using the Black-Scholes-Merton option-pricing model ("BSM"), which requires the use of estimates and subjective assumptions, including the risk-free interest rate, the fair value of the underlying common stock, the expected dividend yield of the Company’s common stock, the expected volatility of the price of the Company’s common stock, and the expected term of the option. These estimates involve inherent uncertainties and the
Leases	Leases The Company leases office space and office equipment. The underlying lease agreements have lease terms of less than 12 months and up to 60 months. Leases with terms of 12 months or less at inception are not included in the operating lease right of use asset and operating lease liability. The Company has two existing leases for office space. At inception of a lease agreement, the Company determines whether an agreement represents a lease and at commencement each lease agreement is assessed as to classification as an operating or financing lease. The Company's two leases have been classified as operating leases and an operating lease right-of-use asset and an operating lease liability have been recorded on the Company’s balance sheet. A right-of-use lease asset represents the Company’s right to use the underlying asset for the lease term and the lease obligation represents its commitment to make the lease payments arising from the lease. Right-of-use lease assets and obligations are recognized at the commencement date based on the present value of remaining lease payments over the lease term. As the Company’s leases do not provide an implicit rate, the Company has used an estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The right-of-use lease asset includes any lease payments made prior to commencement and excludes any lease incentives. The lease term used in estimating future lease payments may include options to extend when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or changes in expectations regarding the lease term. Variable lease costs such as common area costs and property taxes are expensed as incurred. Leases with an initial term of twelve months or less are not recorded on the balance sheet.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Accumulated other comprehensive income (loss) has been reflected as a separate component of stockholders’ equity in the accompanying Consolidated Balance Sheets and consists of foreign currency translation adjustments (net of tax).
Income Taxes	Income Taxes The Company is subject to corporate income tax laws and regulations in the U.S., Germany and Australia. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment in their application. The Company utilizes the asset and liability method of accounting for income taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the audited consolidated financial statements. Deferred income tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of changes in tax rates on deferred tax assets and liabilities is recognized in operations in the period that includes the enactment date. Deferred taxes are reduced by a valuation allowance when, in the opinion of management, it is more likely than not some portion or the entire deferred tax asset will not be realized. As of December 31, 2022 and 2021, the Company maintained a full valuation allowance against the balance of deferred tax assets. It is the Company’s policy to provide for uncertain tax positions and the related interest and penalties based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company is subject to U.S. federal, New York, California, Texas, German and Australian income taxes. The Company is subject to U.S. federal or state income tax examination by tax authorities for tax returns filed for the years 2003 and forward due to the carryforward of NOLs. Tax years 2016 through 2021 are subject to audit by German and Australian tax authorities. The Company is not currently under examination by any tax jurisdictions.
Warrants	Warrants The Company accounts for issued warrants either as a liability or equity in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity (“ASC 480-10”) or ASC 815-40, Accounting
Net Loss Per Share	Net Loss Per Share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of common shares and, if dilutive, common stock equivalents outstanding for the period determined using the treasury-stock method. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards There are no recently issued accounting standards that would have a significant impact on the Company's consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Investment	Investments - other consists of the following as of (in thousands): December 31, 2022 December 31, 2021 Time Deposits $9,629 $0 $9,629 $0
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share	As of December 31, 2022 2021 Options to purchase common stock 3,791,688 2,157,460 Prefunded stock warrants 5,096,552 — 8,888,240 2,157,460
Schedule of Goodwill	The changes in the carrying amount of goodwill for the years presented are as follows (amounts in thousands): Carrying amount of goodwill at December 31, 2021 $ 32,970 Impairment of goodwill during the year ended December 31, 2022 (32,970) Carrying amount of goodwill at December 31, 2022 $ —

Balance Sheet Details (Tables)

Balance Sheet Details (Tables)	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid Expense and Other Current Assets consist of (in thousands): December 31, 2022 2021 Prepaid clinical and related costs $ 5,608 $ 14,853 VAT receivable 296 279 Australian research and development tax incentive 2,361 1,871 Other 1,225 1,122 Total $ 9,490 $ 18,125
Schedule of Accounts Payable and Accrued Expenses	Accounts Payable consist of (in thousands): December 31, 2022 2021 Clinical and related costs $ 3,749 $ 3,427 Legal and audit costs 288 72 Other 244 246 Total $ 4,281 $ 3,745 Accrued Expenses Accrued Expenses consist of (in thousands): December 31, 2022 2021 Accrued clinical and related costs $ 6,807 $ 6,214 Accrued legal and audit costs 169 96 Accrued compensation 890 674 Accrued other 120 87 Total $ 7,986 $ 7,071
Schedule of Other Current Liabilities	Other Current Liabilities consist of (in thousands): December 31, 2022 2021 Lease liabilities $ 571 $ 408 Other 239 177 Total $ 810 $ 585

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Maturities of Operating Lease Obligations	Maturities of the operating lease obligation are as follows as of December 31, 2022 (in thousands): 2023 $ 647 2024 $ 680 2025 $ 355 2026 $ — 2027 $ — Thereafter $ — Total lease payments $ 1,682 Less: interest portion $ 147 Present value of lease obligation $ 1,535

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The following fair value hierarchy table present information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands): Fair Value Measurement at December 31, 2022 Fair Value Level 1 Level 2 Level 3 Assets Money market funds 85,521 85,521 — — Total assets at fair value $ 85,521 $ 85,521 $ — $ — Fair Value Measurement at December 31, 2021 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 31,630 $ 31,630 $ — $ — Total assets at fair value $ 31,630 $ 31,630 $ — $ —

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Shares Reserved for Future Issuance	Shares reserved for future issuance as of December 31, 2022 are as follows: Number of Common stock reserved for issuance for: 2021 Employee stock purchase plan 116,891 Prefunded stock warrants 5,096,552 Outstanding stock options 3,791,688 Common stock options available for future grant: 2014 Equity Incentive Plan 43,311 2017 Inducement Equity Incentive Plan 46,250 2019 Omnibus Equity Incentive Plan 188,655 Total common shares reserved for future issuance 9,283,347

Stock-based Compensation Plans

Stock-based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Summary of Stock Option Activity	The following table summarizes stock option activity for the twelve months ended December 31, 2022 and 2021 under the 2019 Plan: Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2022 2,157,460 $ 13.54 Granted 1,886,263 $ 8.73 Exercised (852) $ 5.67 Forfeited or expired (251,183) $ 10.79 Outstanding as of December 31, 2022 3,791,688 $ 11.33 8.35 $ 375 Options vested and expected to vest as of December 31, 2022 3,791,688 $ 11.33 8.35 $ 375 Options exercisable as of December 31, 2022 1,398,490 $ 13.33 7.50 $ — Options Weighted- Weighted- Aggregate Outstanding as of January 1, 2021 1,117,160 $ 12.96 Granted 1,193,809 $ 14.08 Exercised — $ — Forfeited or expired (153,509) $ 13.50 Outstanding as of December 31, 2021 2,157,460 $ 13.54 8.74 $ 302,155 Options vested and expected to vest as of December 31, 2021 2,157,460 $ 13.54 8.74 $ 302,155 Options exercisable as of December 31, 2021 752,954 $ 13.48 8.15 $ 79,431
Schedule of Valuation Assumptions Used	The following are the underlying assumptions used in the Black-Scholes-Merton option pricing model to determine the fair value of stock options granted to employees and to non-employees under this stock plan: 2022 2021 Risk-free interest rate 2.09% 0.93% Expected dividend yield 0% 0% Expected volatility 97.8% 93.0% Expected term of options (years) 6.0 6.0
Schedule of Stock-based Compensation Expense for Stock Awards Recognized	Total stock-based compensation expense for all stock awards recognized in the accompanying audited consolidated statements of operations is as follows (in thousands): Year 2022 2021 Research and development $ 3,219 $ 1,760 General and administrative 4,710 4,189 Total $ 7,929 $ 5,949

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net Loss before Income Tax Based on Jurisdictions	Net loss before income tax was subject to tax in the following jurisdictions for the following periods (in thousands): Years Ended December 31, 2022 2021 United States $ (47,049) $ (11,222) Germany (67,448) (78,869) Foreign (5,911) (2,854) $ (120,408) $ (92,945)
Income Tax Rate Reconciliation	The rate reconciliation consists of the following: Years Ended December 31, 2022 2021 Federal statutory rate 21.0 % 21.0 % Foreign rate differential 2.2 % 3.2 % Stock options (1.1) % (0.9) % Tax effect of rate change 0.0 % 0.0 % Goodwill impairment (5.7) % 0.0 % Other (0.7) % (0.4) % Change in valuation allowance (15.7) % (22.9) % Effective tax rate 0.0 % 0.0 %
Deferred Tax Assets and Liabilities	December 31, 2022 2021 (in thousands) Deferred tax assets: Net operating loss carryforwards $ 19,830 $ 18,437 Stock-based compensation 742 576 Intangible Assets 2,923 3,848 Foreign net operating loss carryforwards 47,179 34,819 Unrealized gain or loss 1,686 1,130 Other, net 693 9 Total deferred tax assets 73,053 58,819 Deferred tax liabilities: Property, plant and equipment — (2) Total deferred tax liability — (2) Net deferred tax assets 73,053 58,817 Less valuation allowance (73,053) (58,817) $ — $ —

Description of Business and B_2

Description of Business and Basis of Financial Statements - Additional Information (Details) $ in Thousands		12 Months Ended
	Oct. 12, 2022 USD ($)	Dec. 31, 2022 USD ($) employee lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Number of employees | employee		66
Number of development programs pursued | lease		3
Accumulated deficit		$ 317,280	$ 196,873
Proceeds from issuance of private placement	$ 60,000	355,500
Cash and cash equivalents		106,745	86,863	$ 127,452
Investments - other		$ 9,629	$ 0

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) lease financialInstitution	Dec. 31, 2022 USD ($) lease financialInstitution	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 106,745,000	$ 106,745,000	$ 86,863,000
Number of financial institutions used for cash deposits | financialInstitution	2	2
Depreciation and amortization expense		$ 77,000	85,000
Impairment losses		0	0
Goodwill impairment	$ 33,000,000	$ 32,970,000	0
Government assistance rate		43.50%
Government assistance, amount		$ 2,300,000	$ 1,700,000
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]		Nonoperating Income (Expense)	Nonoperating Income (Expense)
Number of existing operating leases | lease	2	2
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)		3 years
Lease term (in months)	12 months	12 months
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life (in years)		13 years
Lease term (in months)	60 months	60 months
United States
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 85,700,000	$ 85,700,000
United States | Money market funds
Property, Plant and Equipment [Line Items]
Investment interest rate	4.30%	4.30%
Australia and Germany | Minimum
Property, Plant and Equipment [Line Items]
Investment interest rate	0%	0%
Australia and Germany | Maximum
Property, Plant and Equipment [Line Items]
Investment interest rate	0.87%	0.87%
Germany
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 19,100,000	$ 19,100,000
Germany | Minimum | Time Deposits
Property, Plant and Equipment [Line Items]
Investment interest rate	0.61%	0.61%
Earning interest at a rate maturity (in months)		3 months
Germany | Maximum | Time Deposits
Property, Plant and Equipment [Line Items]
Investment interest rate	0.87%	0.87%
Earning interest at a rate maturity (in months)		4 months
Australia
Property, Plant and Equipment [Line Items]
Cash and cash equivalents	$ 1,900,000	$ 1,900,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Investments - other	$ 9,629	$ 0
Time Deposits
Cash and Cash Equivalents [Line Items]
Investments - other	$ 9,629	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Carrying amount of goodwill at December 31, 2021		$ 32,970
Impairment of goodwill during the year ended December 31, 2022	$ (33,000)	(32,970)	$ 0
Carrying amount of goodwill at December 31, 2022	$ 0	$ 0	$ 32,970

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share (in shares)	8,888,240	2,157,460
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share (in shares)	3,791,688	2,157,460
Prefunded stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities not included in the calculation of diluted net loss per share (in shares)	5,096,552	0

Balance Sheet Details - Schedul

Balance Sheet Details - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid clinical and related costs	$ 5,608	$ 14,853
VAT receivable	296	279
Australian research and development tax incentive	2,361	1,871
Other	1,225	1,122
Total	$ 9,490	$ 18,125

Balance Sheet Details - Sched_2

Balance Sheet Details - Schedule of Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Clinical and related costs	$ 3,749	$ 3,427
Legal and audit costs	288	72
Other	244	246
Total	$ 4,281	$ 3,745

Balance Sheet Details - Sched_3

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued clinical and related costs	$ 6,807	$ 6,214
Accrued legal and audit costs	169	96
Accrued compensation	890	674
Accrued other	120	87
Total	$ 7,986	$ 7,071

Balance Sheet Details - Sched_4

Balance Sheet Details - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities	$ 571	$ 408
Other	239	177
Total	$ 810	$ 585
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended				12 Months Ended
	Mar. 31, 2021	Dec. 31, 2022	Aug. 31, 2022	Mar. 31, 2021	May 31, 2016	Dec. 31, 2022	Dec. 31, 2021	Apr. 07, 2020	Apr. 12, 2019
Loss Contingencies [Line Items]
Incremental borrowing rate on operating leases		6%				6%
Operating and variable lease cost						$ 727	$ 503
Contractual obligation		$ 4,500				$ 4,500
Asset purchase agreement, royalties as percent of aggregated net sales					4.40%
Common stock, shares issued (in shares)		39,307,286				39,307,286	26,335,418		120,070
Common stock issued		$ 4				$ 4	$ 3		$ 1,500
4SC royalty settlement						$ 0	$ 17,250
Immunic AG
Loss Contingencies [Line Items]
Asset purchase agreement, royalties as percent of aggregated net sales	4.40%
4SC royalty settlement	$ 17,250
Royalty settlement agreement, cash payment, percent	50%			50%
Royalty settlement agreement, shares payment, percent	50%			50%
Grafelfing, Germany
Loss Contingencies [Line Items]
Lease term (in years)								5 years
Increase in operating lease, right-of-use asset			$ 642	$ 435
New York City
Loss Contingencies [Line Items]
Rent holiday period						6 months
Increase in operating lease, right-of-use asset		$ 332
Incremental borrowing rate on operating leases		8%				8%

Commitments and Contingencies_2

Commitments and Contingencies - Future Minimum Annual Obligations Under All Non-Cancellable Operating Lease Commitments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 647
2024	680
2025	355
2026	0
2027	0
Thereafter	0
Total lease payments	1,682
Less: interest portion	147
Present value of lease obligation	$ 1,535

Fair Value - Schedule of Financ

Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Assets	$ 85,521	$ 31,630
Money market funds
Assets
Assets	85,521	31,630
Level 1
Assets
Assets	85,521	31,630
Level 1 | Money market funds
Assets
Assets	85,521	31,630
Level 2
Assets
Assets	0	0
Level 2 | Money market funds
Assets
Assets	0	0
Level 3
Assets
Assets	0	0
Level 3 | Money market funds
Assets
Assets	$ 0	$ 0

Fair Value - Additional Informa

Fair Value - Additional Information (Detail)	Dec. 31, 2022
United States | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment interest rate	4.30%

Common Stock - Shelf Registrati

Common Stock - Shelf Registration Statement (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) d $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Feb. 17, 2023 USD ($)	May 10, 2022 USD ($)	Dec. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)
Class of Stock [Line Items]
Maximum Aggregate Offering Price Of Securities Under Shelf Registration						$ 250,000,000
Commission, percent of gross proceeds from sale of common stock	3%
Issuance of common stock	$ 5,000
December 2020 ATM
Class of Stock [Line Items]
Maximum Aggregate Offering Price Of Securities Under Shelf Registration					$ 50,000,000
Shelf registration, termination, prior written notice | d	10
Issuance of common stock	$ 40,900,000	$ 800,000
Issuance of common stock (in shares) | shares	4,204,113	73,221
Shares Issued, Weighted Average Share Price Per Share | $ / shares	$ 9.72	$ 10.27
Proceeds from issuance of common stock	$ 39,600,000	$ 700,000
Underwriter commissions	$ 1,200,000	$ 22,555
May 2022 ATM
Class of Stock [Line Items]
Maximum Aggregate Offering Price Of Securities Under Shelf Registration				$ 80,000,000
Shelf registration, termination, prior written notice | d	10
Subsequent Event
Class of Stock [Line Items]
Shelf Registration Statement, Amount Remaining			$ 75,000,000
Subsequent Event | December 2020 ATM
Class of Stock [Line Items]
Remaining capacity			8,400,000
Subsequent Event | May 2022 ATM
Class of Stock [Line Items]
Remaining capacity			$ 80,000,000

Common Stock - Equity Offering

Common Stock - Equity Offering (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Oct. 12, 2022	Oct. 10, 2022	Jul. 19, 2021	Jul. 15, 2021	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from issuance of private placement	$ 60				$ 355.5
Common stock, par value (in USD per share)					$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)					130,000,000	130,000,000
Common stock, cash dividends declared (in USD per share)					$ 0
Common stock cash dividends paid (in USD per share)					$ 0
Preferred stock, shares authorized (in shares)					20,000,000	20,000,000
Preferred stock, par value (in USD per share)					$ 0.0001	$ 0.0001
Preferred Stock, Shares Outstanding					0	0
Common Stock
Class of Stock [Line Items]
Shares issues in private placement transaction (in shares)		8,696,552
Sale of stock, price per share (in USD per share)		$ 0.0001
Share price (in USD per share)		$ 4.35
May not exercise of percentage		9.99%
Prefunded stock warrants
Class of Stock [Line Items]
Shares issues in private placement transaction (in shares)		5,096,552
Sale of stock, price per share (in USD per share)		$ 0.01
Share price (in USD per share)		$ 4.34
Increase or decrease not in excess of percentage		19.99%
Increase or decrease not In excess of prior notice period		61 days
July 2021 Public Equity Offering
Class of Stock [Line Items]
Shares issues in private placement transaction (in shares)				4,500,000
Sale of stock, price per share (in USD per share)				$ 10
Common stock, par value (in USD per share)				$ 0.0001
Consideration received on transaction			$ 42

Common Stock - Common Stock (De

Common Stock - Common Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Common stock, shares authorized (in shares)	130,000,000	130,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, cash dividends declared (in USD per share)	0
Common stock cash dividends paid (in USD per share)	$ 0

Common Stock - Preferred Stock

Common Stock - Preferred Stock (Details) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares outstanding (in shares)	0	0

Common Stock - Shares Reserved

Common Stock - Shares Reserved for Future Issuance (Details)	Dec. 31, 2022 shares
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	9,283,347
Outstanding stock options
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	3,791,688
Outstanding stock options | 2021 Employee stock purchase plan
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	116,891
Prefunded stock warrants
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	5,096,552
Common stock options available for future grant: | 2014 Equity Incentive Plan
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	43,311
Common stock options available for future grant: | 2017 Inducement Equity Incentive Plan
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	46,250
Common stock options available for future grant: | 2019 Omnibus Equity Incentive Plan
Class of Stock [Line Items]
Total common shares reserved for future issuance (in shares)	188,655

Stock-based Compensation Plan_2

Stock-based Compensation Plans - Additional Information (Details) - USD ($)		1 Months Ended	12 Months Ended		21 Months Ended
	Apr. 25, 2021	Jul. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0%
Total unrecognized compensation expense			$ 15,600,000
Period over which compensation cost will be recognized (in years)			2 years 8 months 26 days
2021 Employee stock purchase plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum annual contributions per employee (as a percent)	15%
Purchase price of the stock, at discount from market price at purchase date (as a percent)	85%
Shares available for grant (in shares)	200,000
Shares issued under the ESPP (in shares)			70,351	12,758
Share-based compensation expense			$ 96,000	$ 46,000
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)		1,500,000
Expected term of options (years)			6 years	6 years
Expected dividend yield			0%	0%
Weighted-average grant date fair value (in USD per share)			$ 6.81	$ 10.52
2019 Omnibus Equity Incentive Plan | Incentive Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
2019 Omnibus Equity Incentive Plan | Minimum | Non-Statutory Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
2019 Omnibus Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term of options (years)			10 years
2019 Omnibus Equity Incentive Plan | Maximum | Non-Statutory Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
2019 Omnibus Equity Incentive Plan, Evergreen Provision
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized, percent		4%
Additional shares authorized (in shares)		4,900,000			4,408,871
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)			43,311
2017 Inducement Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant (in shares)						46,250
Share-based compensation expense			$ 0	$ 0

Stock-based Compensation Plan_3

Stock-based Compensation Plans - Summary of Stock Option Activity (Details) - Outstanding stock options - 2019 Omnibus Equity Incentive Plan - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Options
Outstanding, Beginning balance (in shares)	2,157,460	1,117,160
Granted (in shares)	1,886,263	1,193,809
Exercised (in shares)	(852)	0
Forfeited and expired (shares)	(251,183)	(153,509)
Outstanding, Ending balance (in shares)	3,791,688	2,157,460
Options vested and expected to vest (shares)	3,791,688	2,157,460
Options exercisable, (shares)	1,398,490	752,954
Weighted- Average Exercise Price
Outstanding, Beginning balance (in USD per share)	$ 13.54	$ 12.96
Granted (in USD per share)	8.73	14.08
Exercised (in USD per share)	5.67	0
Forfeited or expired (in USD per share)	10.79	13.50
Outstanding, Ending balance (in USD per share)	11.33	13.54
Options vested and expected to vest, Weighted-Average Exercise Price (usd per share)	11.33	13.54
Options exercisable, Weighted-Average Exercise Price (usd per share)	$ 13.33	$ 13.48
Other Disclosures
Outstanding, weighted-average remaining contractual term (in years)	8 years 4 months 6 days	8 years 8 months 26 days
Options vested and expected to vest , weighted-average remaining contractual term (in years)	8 years 4 months 6 days	8 years 8 months 26 days
Options exercisable, weighted-average remaining contractual term (in years)	7 years 6 months	8 years 1 month 24 days
Outstanding, aggregate intrinsic value	$ 375	$ 302,155
Options vested and expected to vest , aggregate intrinsic value	375	302,155
Options exercisable, aggregate intrinsic value	$ 0	$ 79,431

Stock-based Compensation Plan_4

Stock-based Compensation Plans - Ranges of Underlying Assumptions Used in BSM Option Pricing Model to Determine Fair Value of Stock Options Granted to Employees and Nonemployees (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0%
2019 Omnibus Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.09%	0.93%
Expected dividend yield	0%	0%
Expected volatility	97.80%	93%
Expected term of options (years)	6 years	6 years

Stock-based Compensation Plan_5

Stock-based Compensation Plans - Schedule of Stock-based Compensation Expense for Stock Awards Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 7,929	$ 5,949
Employee
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	7,929	5,949
Employee | Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	3,219	1,760
Employee | General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 4,710	$ 4,189

Income Taxes - Net Loss before

Income Taxes - Net Loss before Income Tax Based on Jurisdictions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Net loss before income tax	$ (120,408)	$ (92,945)
Federal | United States
Income Tax Contingency [Line Items]
Net loss before income tax	(47,049)	(11,222)
Foreign | Germany
Income Tax Contingency [Line Items]
Net loss before income tax	(67,448)	(78,869)
Foreign | Foreign
Income Tax Contingency [Line Items]
Net loss before income tax	$ (5,911)	$ (2,854)

Income Taxes - Income Tax Rate

Income Taxes - Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal statutory rate	21%	21%
Foreign rate differential	2.20%	3.20%
Stock options	(1.10%)	(0.90%)
Tax effect of rate change	0%	0%
Goodwill impairment	(5.70%)	0%
Other	(0.70%)	(0.40%)
Change in valuation allowance	(15.70%)	(22.90%)
Effective tax rate	(0.00%)	0%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Deferred income tax expense	$ 0	$ 0
Valuation allowance increase	14,200,000	22,300,000
Uncertain tax positions	0	$ 0
Uncertain tax positions that would impact effective tax rate	0
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	190,200,000
Federal | Prior to 2018
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	15,600,000
Federal | Post 2017
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 78,900,000

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 19,830	$ 18,437
Stock-based compensation	742	576
Intangible Assets	2,923	3,848
Foreign net operating loss carryforwards	47,179	34,819
Unrealized gain or loss	1,686	1,130
Other, net	693	9
Total deferred tax assets	73,053	58,819
Deferred tax liabilities:
Property, plant and equipment	0	(2)
Total deferred tax liability	0	(2)
Net deferred tax assets	73,053	58,817
Less valuation allowance	(73,053)	(58,817)
Net deferred tax assets, valuation allowance total	$ 0	$ 0

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - Duane Nash, MD, JD, MBA - Board of Directors Chairman - Executive Chairman Agreement - Affiliated Entity - USD ($)				4 Months Ended	8 Months Ended	10 Months Ended	12 Months Ended
	Mar. 15, 2022	Apr. 15, 2021	Nov. 15, 2020	May 14, 2021	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2023
Related Party Transaction [Line Items]
Monthly base salary				$ 25,417	$ 27,960	$ 29,358
Granted (in shares)	75,000	90,000	120,000
Forecast
Related Party Transaction [Line Items]
Monthly base salary							$ 30,250